Shoppers in recent years have embraced “buy now, pay later” loans as an easy, interest-free way to purchase everything from sweaters to concert tickets.
The loans typically are not reported on consumers’ credit reports, however, or reflected in their credit scores.
So in February, when Apple announced it would start reporting loans made through its Apple Pay Later program to Experian, one of the three major U.S. credit bureaus, it looked like a watershed moment for the fast-growing “buy now, pay later” category.
But none of the other major pay-later providers have followed Apple’s lead.
And while credit bureaus and lenders say they are interested in finding a way to work together, the gulf between the two sides remains wide — so much so that some pay-later firms are exploring creating an alternative credit bureau to handle their loans.
Organizations:
Apple